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Standard Life plc - Annual Report and Accounts 2007
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Investment management profits

Investment management profits are included in EEV on a look through basis. This means that the profits from investment management generated from life and pensions business are effectively allocated to covered business. However, included within the covered business look through is business actively marketed and sold to third parties through investment management distribution channels. When these profits are added to the third party profits already recognised under EEV, the total third party profit increases to £61m (2006: £45m).

The following table summarises the profits of our investment management operations:

2007
£m		 2006
£m		 Movement
£m
Life and pensions look through profits 35 28 7
Third party related life and pensions profits (13) (3) (10)
Life and pensions profits excluding
third party related profit		 22 25 (3)
Third party related life and pensions profits 13 3 10
Third party profits 48 42 6
Third party related profits 61 45 16
Investment management underlying
profit before tax		 83 70 13
Profit on part disposal of joint venture 17 - 17
Investment management
total profit before tax		 100 70 30